Form 706-Gs(D-1) - 2007 - Instructions For Skip Person Distributee - Department Of The Treasury - Internal Revenue Service Page 6
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6charitable deduction allowed with
You are not required to provide the
Part III—Trust
respect to such property and
information requested on a form that is
2. The value of all property in the
Information
subject to the Paperwork Reduction Act
trust immediately before the current
unless the form displays a valid OMB
transfer.
control number. Books or records
Line 4
relating to a form or its instructions
Charitable lead annuity trusts. For
An arrangement that has substantially
must be retained as long as their
distributions from a charitable lead
the same effect as a trust will be
contents may become material in the
annuity trust, the numerator of the
treated as a trust even though it is not
administration of any Internal Revenue
applicable fraction is the adjusted GST
an explicit trust. Examples of such
law. Generally, tax returns and return
exemption as defined below. The
arrangements are insurance and
information are confidential, as required
denominator is the value of the trust
annuity contracts, arrangements
by section 6103.
immediately after termination of the
involving life estates and remainders,
The time needed to complete and
charitable lead annuity.
and estates for years. Nonexplicit trusts
file this form will vary depending on
do not include decedent’s estates.
The adjusted GST exemption is the
individual circumstances. The
sum of:
In the case of a nonexplicit trust, the
estimated average time is:
trustee is the person in actual or
1. The exemption allocated to the
Recordkeeping . . . . .
1 hr., 33 min.
constructive possession of the property
trust and
involved.
2. Interest on the exemption
Learning about the
determined at the interest rate used to
law or the form . . .
1 hr., 46 min.
Line 5
figure the estate or gift deduction for
Preparing the form . .
42 min.
Whenever property is transferred into a
the charitable lead annuity and for the
pre-existing trust, the inclusion ratio
actual period of the charitable lead
Copying, assembling,
must be refigured. See Multiple
annuity.
and sending the
transfers into a trust on page 4 for the
form to the IRS . . .
20 min.
In the case of a late allocation, the
rule on how to refigure the inclusion
amount of interest accrued prior to the
ratio.
If you have comments concerning
date of allocation is zero.
the accuracy of these time estimates or
Paperwork Reduction Act Notice.
suggestions for making this form
Column e. Value
We ask for the information on this form
simpler, we would be happy to hear
to carry out the Internal Revenue laws
Enter the value of the property
from you. You can write to the Internal
of the United States. You are required
distributed from the trust at the time of
Revenue Service, Tax Products
to give us the information. We need it to
distribution.
Coordinating Committee,
ensure that you are complying with
SE:W:CAR:MP:T:T:SP, 1111
these laws and to allow us to figure and
Constitution Ave. NW, IR-6406,
collect the right amount of tax.
Washington, DC 20224. Do not send
the tax form to this address. Instead,
see Where To File on page 1.
-5-
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